July 28, 2023

NAFCU meets with Rep. Green on CDFI, interchange

NAFCU's Mesack with Rep. Al Green
NAFCU Senior Vice President of Government Affairs Greg Mesack (left) with Rep. Al Green, D-Texas.

NAFCU Senior Vice President of Government Affairs Greg Mesack met Thursday with Rep. Al Green, D-Texas, to discuss various credit union issues, including the Community Development Financial Institution (CDFI) Fund and interchange.

Green is a member of the House Financial Services Committee and serves as ranking member of its Subcommittee on Oversight and Investigations.

During Thursday’s meeting, Mesack thanked Green for his continued support of credit unions and reiterated the industry’s concerns related to:

  • legislation sought by big-box retailers to extend interchange routing requirements to credit cards. NAFCU’s advocacy efforts successfully prevented the legislation from being attached to the House and Senate versions of the National Defense Authorization Act (NDAA), and the association continues to raise awareness of how this proposed legislation would limit credit unions’ income, consumers’ access to credit, and make financial products and services more expensive overall; and
  • the CDFI Fund’s delay to its certification application, including concerns that revisions could make it more difficult for small and minority depository institution (MDI) credit unions to become certified and the potential loss of certification status without the opportunity to requalify. Mesack stressed that after almost a year in a blackout period, the fund needs to start accepting applications soon. NAFCU has also called on lawmakers to support legislation to increase CDFI transparency and fully fund the CDFI Fund through the appropriations process. NAFCU and CUNA recently sent suggested revisions for the application and certification agreement to the fund.

NAFCU remains engaged with lawmakers on credit union priorities. Stay tuned to NAFCU Today for the latest out of Washington.